ICICI Bank Q4 net up 21 %

ICICI Bank reported a 29 per cent growth in net profit at Rs.8,325 crore for the year ended March 31, 2013, against Rs.6,465 crore in the previous year due to rise in income and improvement in margins.

For the fourth quarter ended March 31, 2013, the net profit went up by 21 per cent to Rs.2,304 crore from Rs.1,902 crore in the same quarter last year.

“We have achieved this performance due to growth in balance-sheet and improvement in profitability indicators,” ICICI Bank CEO and Managing Director Chanda Kochhar told reporters here.

The bank’s consolidated net profit for the year went up by 26 per cent to Rs.9,604 crore from Rs.7,643 crore in the previous year. Net interest income increased by 22 per cent to Rs.3,803 crore in the fourth quarter from Rs.3,105 crore in the year-ago period.

Total advances increased by 14 per cent to Rs.290,249 crore as at March 31, 2013, from Rs.253,728 crore as at March 31, 2012. “Our retail loans rose by 25 per cent during the year,” Ms Kochar said.

As at March 31, 2013, savings account deposits were Rs.85,651 crore, and current account deposits Rs.36,926 crore.

“We have restructured Rs.788 crore during the quarter. In the current financial year, the outlook for restructuring depends on the operating environment,” she said.

“We will lay extra focus on closely monitoring the stressed accounts. The stress is there across the sector but the situation is not so bad, that it would affect profitability,” Ms. Kochhar said.

Dividend

The board has recommended a dividend of Rs.20 per share.

The ICICI Bank stock closed with a loss of 2.82 per cent at Rs.1144.30 on the BSE.